Benefits and Credibility for Two-wheeler Loan Checklist - 2020



Are you tired of traveling in public transport for a job and want to own two-wheeler for during the morning hours to rush the office?
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Okay, many banks provide a two-wheeler loan that will help you drive and ride like a boss. Two-wheeler loan is easily accepted and charged at low-interest rates. Approval of a two-wheeler is a simple job for many banks, providing easy EMI for even lower-middle-class people. -You can get the freedom of your own two-wheeler for a very small down payment using a two-wheeler loan. Using your own transportation, you can hit your office in time or run your company efficiently. You can check EMI rates and loan details for your dream bikes like Hero Splendor Plus, Honda Shine, TVS Apache RTR 160 or scooters like Honda Activa, Suzuki Access, TVS Jupiter, etc.

Let’s check out the latest update of loan as per the RBI guidelines

Two Wheeler Loan Interest Rate in India Aug 2020

6th August 2020 – RBI keeps Repo Rate unchanged at 4%
  • Lowest auto loan interest rates starting @11.60%*
  • Compare and get the best two-wheeler loan offers from banks
  • Apply for an auto loan online
  • Get maximum loan amount based upon on-road price and ex-showroom price
  • Maximum loan tenure up to 5 years
  • Lowest EMI of Rs 220 per Rs 10,000 for 5 years


You may like to read: APPLY FOR ROYAL ENFIELD BULLET 350 LOAN WITH LOWEST EMI AND INTEREST RATE

Hereby, all bank details for two-wheeler loan is described below:


Bank

Two-wheeler rate of Intrest*

Lowest EMI Per Rs. Ten Thousand For Max Tenure

SBI

12.65%

335 for 3 years

HDFC Bank

14.03%

273 for 4 years

PNB

10.70%

216 for 5 years

Bajaj Auto Finance

11.60%

330 for 3 years

IndusInd Bank

12.00%

332 for 3 years

Allahabad Bank

11.80%

262 for 4 years

Andhra Bank

10.35%

214 for 5 years

Bank of India

7.75%

202 for 5 years

Union Bank Of India

11.55%

330 for 3 years

United Bank Of India

11.00%

217 for 5 years

Corporation Bank

12.35%

334 for 3 years

Indian Bank

9.65%

211 for 5 years

Karnataka bank

13.85%

232 for 5 years

Jammu and Kashmir Bank

9.65%

211 for 5 years

Canara Bank

13.55%

340 for 3 years
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A Two-wheeler Loan will allow you to have your own vehicle

With minimum paperwork, a two-wheeler loan is easily approved to help buy your dream bike easily and quickly. Various Bank gives you loan approvals that are easy and hassle-free and with less paperwork own your bike. The customer also profits with a two-wheeler loan as the whole cost of their bikes must not be charged at a time. Easy payments allow an average Indian to own a bike. The aim is to give affordable loans so that the loans that one who wishes to own a bike or scooter does not have a burden of much interest rate.

Getting your dream bike's two-wheeler loan guarantees you can drive your bike straight out of your showroom without paying the entire amount from your pocket at once. It helps you to buy a bike well in advance of the maximum amount owed. For most individuals who are looking for standard everyday bicycles other than the superbikes or enthusiastic bikes, Credy makes a repayment period up to 12 months. This small two-wheel loan is mainly aimed at people who need motorcycles below 1 lakh rupee. You can get sports bikes for 1 lakh too. In general, the major share of the bike owners in India is included in this price range.

Method of EMI for Two-wheeler

2 Wheeler Loan EMI is the amount you submit to the bank or financial institution for the repayment of your loan each month. The main amount and interest component of EMI are composed of both. The interest in the EMI will be higher and lower in the early months of increasing EMI. Two-wheeler EMI Loan Calculator lets you measure your EMI monthly at the required rate.
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The EMI auto loan would depend on the amount of the loan, interest rate, and term.

  • Loan amount – If you are applying for a big loan, your two-wheeler loan EMI would be high.
  • The rate of interest - Lower interest rate on your loan would result in high EMI amounts.
  • Loan tenure – EMI decreases two-wheeler credit in the case of the severe loan tenure.


Now let’s check the Eligibility and credibility for Two-wheeler Loan

Credibility and eligibility for Loan

  1. The age consideration for bank loans for a two-wheeler loan is a minimum of 21 yrs and a maximum of 65 years of age. Bank also considers 18years of age-eligible for a Two-wheeler loan.
  2. Loan amount considered by most of the bank is 10lakhs but some banks also allow loans till 50 lakhs. The amount of loan is also dependent on the amount of loan you want for your two-wheeler.EMI you are ready to pay is also a key factor for loan approval from banks.
  3. Banks considered a minimum monthly income should be 18,000/- to get approval for bank loans.
  4. Employment considered as the salaried person or self-employed person. The interest rates are 7% to 29% per annum accordingly.
  5. The work experience that is checked is a minimum of 1year of work for a salaried and self-employed person and for businessmen, the business tenure should be of 5years, and ITR of 2 years is required.
  6. CIBIL score is also considered for a two-wheeler loan and most of the banks avoid giving loans if you have a low CIBIL score. the minimum CIBIL score considered is 60 points.


Also read: HONDA ACTIVA 6G AND 125 BS6 LOAN OFFERS

List Of Documents necessary for a two-wheeler loan

  • Identity proof
  • Residence address and ownership proof
  • Income proof
  • Bike quotation
  • Photo identity proof
  • Bank continuity proof
  • Bank statement
  • 1 passport size photograph
  • Latest ITR
  • CIBIL Score and report
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Two-wheeler Finance Necessary documents

  1. Application form with the signature and details pf the Applicant is required.
  2. Identity Proof of the applicant is required. The document considered as identity proof is PAN card, Passport, Driving License, Aadhar Card, Voter id, Govt issued i-card.
  3. Certificate and Proof of Existence of business: the proof of your business is required and considered documents are PAN, sales tax/ excise/ VAT/ service tax registration, Copy of partnership deed, Trade license, certificate of practice, registration certificate issued by RBI, SEBI.
  4. Address proof is necessary. For the individual the documents for address proof are Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ bank statement (not more than 3 months old)
  5. Whereas The address Proof for the firm or partnership is Bank statement, utility bill, Registry copy, lease or rent agreement, TAN allotment letter.
  6. Proof Of age: In age-proof, the documents considered are PAN card, Passport, Driving License, Voter id card, Birth certificate, Employee ID card (only for PSU/ Government employees), School/ college leaving certificate.
  7. Income proof is also an essential document in the loan process. So, for Job-employee Form 16, last 3 months salary slip, last 3 months bank account statement showing salary credit is required.
  8. Whereas For businessmen Last 2 years ITR, the last 3 months’ bank account statement is necessary.
  9. Lastly, the quotation of selected two-wheeler which is given by the dealer is required.


Hereby we are giving you all the necessary information and knowledge you need to know for your two-wheeler loan.

So, If you are going to buy a two-wheeler various bank options are available at low-interest rates. Owning two-wheeler with an EMI system is a better option than giving the complete price of your Two-wheeler at once. For bike and car loan EMI calculator, follow here: Bike/Car Loan EMI Calculator



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